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Overview of Tompkins Financial Corp
Tompkins Financial Corp is a historic and multifaceted financial holding company based in New York State, with rich heritage spanning over 175 years. The company operates through a diversified business model centered on community banking, insurance services, and wealth management. Recognized for its commitment to high quality financial products and client service, Tompkins Financial delivers tailored solutions designed to meet the varied needs of its customers in local communities and beyond. Its long-standing mission is built on a foundation of responsible growth, reinvestment in local economies, and the creation of enduring value for its clients, communities, and shareholders.
Business Segments and Core Services
Tompkins Financial Corp operates across three primary segments, where each plays a vital role in the company’s diverse portfolio:
- Banking: This segment is the cornerstone of the company’s revenue generation, providing both commercial and consumer banking services. Through its network of community banks, Tompkins offers a comprehensive range of financial products including deposit services, lending, and specialized local banking solutions. The approach is deeply rooted in supporting local families, businesses, and community organizations by reinvesting deposits as loans, thereby reinforcing economic growth at the grassroots level.
- Insurance: The insurance arm delivers property and casualty insurance products as well as employee benefits consulting. This range of services is designed to help customers mitigate risk and safeguard their assets. The insurance segment is structured to provide both individuals and businesses with the necessary tools to manage uncertainties without compromising on quality or coverage.
- Wealth Management: The wealth management division encompasses a variety of services such as trust operations, financial planning, and investment management. Clients benefit from a personalized approach to cultivating and preserving wealth, with advisory services tailored to long-term financial goals. This segment integrates robust financial planning with strategic investment insights, serving a broad spectrum of client financial needs.
Community Focus and Strategic Commitment
At the heart of Tompkins Financial Corp’s operations is a genuine commitment to local communities. By channeling deposits into loans for local families and businesses, the company actively participates in regional economic development. This community focus is further emphasized by the company’s reinvestment strategies and support for local organizations. Such a model not only fuels local economic growth but also reinforces trust and long-term relationships with customers and community stakeholders.
Industry Position and Market Differentiation
Tompkins Financial Corp stands out in a competitive industry by prioritizing a balanced and methodical approach to financial services. Unlike larger, impersonal banks, its operations are heavily community-driven, allowing more personalized service and a nuanced understanding of local markets. The company’s diversified offerings across banking, insurance, and wealth management enable it to serve a broad range of financial needs while maintaining an agile structure that is responsive to market changes within its niche. Analysts acknowledge the sustained performance and the strategic focus on quality customer service, which are fundamental to its recognized status among financial holding companies.
Operational Excellence and Client Value
The operational excellence of Tompkins Financial Corp is closely tied to its longstanding tradition of balancing risk with responsible growth. The company employs a detailed risk management strategy that encompasses prudent lending practices and sustainable investment approaches. This methodology not only secures the financial stability of the organization but also fosters a stable and secure environment for its clients. By leveraging its expertise in all three segments, the company meets the diverse needs of its clientele by consistently delivering well-integrated and thoughtfully curated financial solutions.
Detailed Service Offering and Expertise
Delving into the specifics, Tompkins Financial Corp’s service repertoire includes:
- Commercial and Consumer Banking Products: A full suite of services to facilitate day-to-day financial operations for both individuals and businesses.
- Leasing and Lending Solutions: Programs designed to support local business expansions and individual financial progress.
- Trust and Investment Management: Expertise that helps clients grow and protect their wealth through diversified strategies and personalized financial planning.
- Insurance Offerings: Comprehensive property and casualty coverage, coupled with employee benefit programs, to manage risk effectively.
The company combines traditional community banking principles with modern financial strategies to deliver a secure and dynamic business model. Its integrated approach enables clients to access a wide variety of financial solutions under one roof, ensuring consistency, security, and reliability in service provision.
Commitment to Quality and Localized Expertise
Tompkins Financial Corp upholds a commitment to quality that is evident in every facet of its operation. With an emphasis on transparent business practices and a deep understanding of local market dynamics, the company bridges the gap between traditional financial services and modern banking needs. The emphasis on localized expertise means that every product or service is backed by tailored insights, ensuring that customer requirements are met with the highest level of professionalism and care.
Conclusion
In summary, Tompkins Financial Corp is not just a financial holding company; it is a trusted partner in financial wellbeing with a diverse range of services tailored for the community. Its robust business model across banking, insurance, and wealth management, coupled with an enduring commitment to local economic development, has cemented its reputation as a conscientious and capable institution. By adhering to stringent quality and risk management standards, Tompkins Financial continues to provide essential financial services that empower its customers and contribute to the stability of the communities it serves.
Tompkins Community Bank has partnered with Spiral, an award-winning personalized banking platform, to enhance customer engagement and deposit growth through new digital banking features. The partnership introduces two key innovations:
1. A Roundup Center that allows customers to automatically round up everyday purchases for savings and charitable donations
2. A Giving Center enabling customers to create personalized charitable portfolios, track their impact, and receive donation reports for tax purposes
The integration aims to simplify customer savings while facilitating community support through direct digital donations to local nonprofits. Tompkins will leverage this partnership to expand its nonprofit offerings and attract more nonprofit businesses through fundraising campaigns, donation matching, and community events.
Tompkins Financial (NYSE American: TMP) has declared a regular quarterly cash dividend of $0.62 per share. The dividend will be paid on February 21, 2025, to shareholders of record as of February 14, 2025.
Tompkins Financial serves the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The company operates through its subsidiaries: Tompkins Community Bank, Tompkins Insurance Agencies, and offers wealth management services via Tompkins Financial Advisors.
Tompkins Financial (TMP) reported strong financial results for Q4 2024, with diluted earnings per share of $1.37, up 5.4% from Q3 2024 and 30.5% from Q4 2023. Net income for Q4 2024 was $19.7 million, showing increases of 5.5% quarterly and 31.0% yearly.
For the full year 2024, the company achieved diluted EPS of $4.97, with net income of $70.9 million, marking a significant improvement from 2023, which included a $52.9 million after-tax loss from securities sales. The improved performance was driven by increased net interest income, fee-based business growth, and lower operating expenses.
Key metrics include: net interest margin improvement to 2.93% in Q4, total loans up 7.4% year-over-year to reach $6.5 billion, and a loan-to-deposit ratio of 93.0%. Fee-based services revenue increased by 7.7% compared to Q4 2023, while noninterest expenses decreased by 2.6% year-over-year.
Tompkins Financial (NYSE American:TMP) has announced a quarterly cash dividend increase. The company will pay $0.62 per share on November 15, 2024, to shareholders of record as of November 8, 2024. This represents a 1.6% increase from the third quarter 2024 dividend and a 3.3% increase from the fourth quarter 2023 dividend. Tompkins Financial serves the Central, Western, and Hudson Valley regions of New York and Southeastern Pennsylvania through its subsidiaries Tompkins Community Bank, Tompkins Insurance Agencies, and Tompkins Financial Advisors.
Tompkins Financial (TMP) reported strong Q3 2024 results with diluted earnings per share of $1.30, up 18.2% from Q2 and 155.3% from Q3 2023. Net income reached $18.6 million, marking an 18.9% increase from Q2. The significant year-over-year improvement reflects recovery from a $62.9 million pre-tax loss on securities sale in Q3 2023.
Key highlights include net interest margin expansion to 2.79%, 8.2% annualized loan growth, and total deposits of $6.6 billion. Fee-based services revenue grew 3.2% year-over-year, representing 31% of total revenue. The company maintained strong capital ratios with Tier 1 capital to average assets at 9.19%.
Tompkins Financial (NYSE American: TMP) has announced a regular quarterly cash dividend of $0.61 per share, to be paid on August 16, 2024, to shareholders of record as of August 9, 2024. This decision was approved by the company's Board of Directors. Tompkins Financial is a banking and financial services company operating in the Central, Western, and Hudson Valley regions of New York and the Southeastern region of Pennsylvania. The company's portfolio includes Tompkins Community Bank, Tompkins Insurance Agencies, Inc., and wealth management services through Tompkins Financial Advisors.
Tompkins Financial (NYSE American: TMP) reported Q2 2024 diluted earnings per share of $1.10, down 6.8% from the previous quarter but up 86.4% from Q2 2023. Net income for Q2 2024 was $15.7 million, down 7.1% from the previous quarter but up 85.0% year-over-year. The significant increase compared to Q2 2023 is largely due to a $7.1 million loss on securities transactions in that quarter.
Key highlights include:
- Net interest margin stable at 2.73%
- Total loans up 7.7% year-over-year
- Fee-based services revenues up 5.0% year-over-year
- Total operating expenses down 3.9% year-over-year
- Regulatory Tier 1 capital to average assets at 9.15%
The company's focus on expense management and balance sheet leverage has resulted in stabilizing and growing revenue with lower expenses.
Tompkins Financial (NYSE:TMP) declared a regular quarterly cash dividend of $0.61 per share, payable on May 17, 2024, to common shareholders of record on May 10, 2024. This represents a 1.6% increase over the previous quarter. Tompkins Financial is a banking and financial services company serving various regions in New York and Pennsylvania.
Tompkins Financial reported diluted earnings per share of $1.18 for the first quarter of 2024, up 12.4% from the prior quarter and down 12.6% from the same period in 2023. Net income was $16.9 million, showing a 12.5% increase from the prior quarter but a 13.0% decrease from 2023. The decrease in net income was driven by higher funding costs and credit loss expenses. Despite this, there was growth in fee-based revenues and lower operating expenses. The company remains focused on customer relationships and leveraging its strong balance sheet for growth.
Key highlights include a decrease in net interest margin and an increase in deposit costs. Fee-based revenues were up, operating expenses were down, and loans and deposits showed growth. The company's net interest income decreased due to higher interest expenses, while noninterest income saw an 8.5% increase. The provision for income tax expense increased, and the asset quality remained stable. Capital ratios were well above regulatory minimums, and liquidity position was stable with access to various funding sources.
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